FSA proposes two-tier ICOB regime

As part of its review of the ICOB regime, the Financial Services Authority has assessed the level of risk each type of insurance product presents and has provisionally placed them into two categories – other general insurance products and protection products. The other general insurance products category includes motor, household, travel, private medical insurance (PMI) and any other products which do not fall into the protection products category. The FSA believes the markets for these products work reasonably well in the interests of consumers and most consumers do not rely on disclos...